CRED, the Indian FinTech platform serving creditworthy consumers across payments, lending, and wealth management, has secured INR 8,550 crore (~$900m) in a Series H funding round led by social media giant Meta.
The round, structured through a mix of primary and secondary share purchases, values CRED at a post-money valuation of INR 43,239 crore (~$4.5bn), up from a pre-money valuation of INR 38,819 crore (~$4.03bn). Meta will join CRED's cap table as a minority investor and will not gain access to any CRED customer data under the terms of the deal.
The capital injection is intended to accelerate CRED's growth trajectory, strengthen its institutional capabilities, and deepen its competitive position across its core product categories. Alongside the funding announcement, founder Kunal Shah will transition out of his role as CEO, while retaining his personal shareholding in the business. He will move to a position within Meta's global leadership team. Miten Sampat, who has led strategy and finance at CRED since 2020, has assumed the role of interim CEO with immediate effect. The company's board and senior leadership are now working to establish a formal leadership structure in preparation for an eventual IPO.
CRED was founded in 2018 and has since grown into a prominent consumer FinTech platform in India, processing more than 40% of all credit card bill payments in the country, a category it is credited with pioneering eight years ago. The platform now serves 1.7 crore (17 million) members on a monthly basis and offers products spanning payments, lending, insurance, wealth, and lifestyle. Its lending arm has scaled to INR 24,000 crore (~$2.5bn+) in managed assets under management, working with some of India's leading financial institutions.
CRED reported revenue of approximately INR 3,200 crore (~$325m) and has reached profitability, supported by a full stack of regulatory licences and an established consumer brand in India.
CRED founder Kunal Shah said: 'I started CRED in 2018 with a belief that creditworthiness deserves to be rewarded. In under eight years, that belief has turned into a new category: millions of members, ~₹3,200 crore (~US $325M) in revenue, profitability, a full stack of licences and a strong brand. On this foundation, with additional capital and an extraordinarily talented team, CRED is poised to become an enduring institution for decades to come. I'm stepping back with gratitude and with conviction that the team will keep raising the bar.'
CRED interim CEO Miten Sampat said: '1.7 crore creditworthy Indians trust CRED with improving their relationship with money. Behind this is a high-talent-density team that has consistently demonstrated ownership, mission orientation, and taste. We have a generational opportunity to build on Kunal's vision and compound consistently towards becoming a public company. I'm excited to take CRED forward in its next chapter. We are just getting started.'